By:2merkato

The Amhara region has saved more than USD 113 million over the past 10 months by producing 1.43 million tons of rice, reducing the need for costly imports and bolstering the local economy, officials announced.

According to Ato Zinaw Abebe, Communications Director of the Amhara Regional Mining and Energy Bureau, the rice production milestone significantly contributed to the region’s goal of import substitution and economic self-reliance.

In the mining sector, Ato Zinaw reported that the region replaced 268,717.5 tons of industrial mineral products with domestically sourced materials, saving an additional USD 52.7 million in foreign currency. The combined savings from rice and minerals exceeded USD 113 million, surpassing annual targets.

The region also generated over Birr 68.8 million in revenue from royalties, land rent, and service fees, more than 100 percent of the 10 month plan and 34.3 percent higher than the same period last year.

In terms of export, the region exported 8,768.98 kg of various products in the first 10 months, earning USD 9.03 million in foreign exchange, 44.5 percent more than the previous year. Among the total, 64.7 percent of the foreign currency earnings came from gold exports.

Ato Zinaw highlighted that 75.9 kg of gold was supplied to the National Bank of Ethiopia, generating USD 5.84 million, which exceeded the 10 month plan of 45 kg and USD 3.58 million.

He also noted that the region produced 23,558.8 kg of gemstones, exceeding the planned output of 18,779.5 kg.